Penthouse fetches record price

A view of the city from one of the apartments at The Residence, Hyde Park.

The view from the penthouse apartment at The Residence, Hyde Park.

The view from the deck of the penthouse apartment at The Residence, Hyde Park.

Inside The Residence, Hyde Park.

Inside The Residence, Hyde Park.

The pool at the penthouse apartment at The Residence, Hyde Park.

Taking the air outside the penthouse apartment at The Residence, Hyde Park.

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AFR
AFR

by
Ben Hurley

This is the view from what could be Australia’s most expensive apartment.

It is one of two sumptuous penthouses crowning the recently completed apartment block The Residence opposite Sydney’s Hyde Park.

Before the refurbishments, the developers considered selling the apartment to a buyer who is believed to have offered a price several million dollars below its $20 million price tag, but high enough to set a new record price for an apartment sale in Australia. But the sale eventually fell through.

Built and designed by a development syndicate made up of AMP, Cbus Property and Galileo Group, it has extensive entertainment areas, and a private rooftop pool with a pavilion.

Each bedroom has its own marble bathroom and sweeping 270 degree views of Sydney and the harbour. The strata fees alone are $100,000 a year.

Sales in the building of 87 apartments began just as Lehman Brothers crashed, but only a handful remain unsold. They start above $1 million and each has its own wine cellar. One buyer even bought two for about $10 million and will merge them.

“The people we were dealing with weren’t affected by the financial crisis," said Galileo Group managing director Neil Werrett. “A lot of the money that has come in here is old money."